Unwanted Calls Following a Loan Application

If you’ve recently applied for a loan, you may have noticed a trend – your phone is ringing (even more than usual) with numbers on the caller ID you don’t recognize. If you answer, you’re likely getting pitched by a company you never contacted and a caller you don’t know. If this has happened, you’ve likely been sold as a “trigger lead.”

It’s important for you to know that State Savings Bank will never sell or provide your personal information to a third-party. Banks and lenders don’t have any ability to stop the data being sold, as it’s sold by the credit bureaus. Worse, the data is often sold to numerous companies, which results in many phone calls after your credit is pulled for a loan application.

It’s best to ignore these calls and the mail that may show up in your mailbox as well, and to pay attention to the fine print – many times the mail sent is designed to look like it’s from your current lender, with only the fine print showing who the real sender is.

Fortunately, there are steps you can take to eliminate these inquiries, or at least slow them down.

  • You can opt out of receiving them for five years or opt out of receiving them permanently by calling toll-free 1-888-5-OPTOUT (1-888-567-8688) or visiting optoutprescreen.com for details.
  • Register with the Do-Not-Call Registry, donotcall.gov.
  • Stop other forms of direct marketing by visiting the Direct Mail Association’s Web site at: dmaconsumers.org/consumerassistance.html.